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ECB Says IMF Aid For Greece Is Inappropriate
The turf war to (not) bail out Greece is on. Even though nobody wants to do it, yesterday's announcement by the IMF that it is willing to lend the troubled country a hand (and a few billion drachmas) has put Jean-Claude Trichet on edge. And even assuming today's bond deal gets done without too many glitches, Greece has at best bought itself breathing room for a month or so.We expect the volume on bailout speculation to go down at best by a couple of notches. In the meantime, the ECB has made it clear that Greece's problem are Europe's and Europe's alone, thank you IMF and America. This was made quite explicit in Trichet's post-ECB rate press conference earlier, when he said that he does "not trust that it would be appropriate to have the introduction of the IMF as a supplier of help through stand-by or through any other such help."
And some more quotes from the head of the ECB:
"The IMF technical assistance is very important, very appreciated," he said.
"The fact is that the conditionality inside the euro area has to be decided by the peers, according to the Stability and Growth Pact and the European framework as it stands."
Of course, for any European bailout to be self-contained, it would require the willing participation of powerhouse Germany, which so far has proven to be most reluctant to get involved. Look forward to more clues from tomorrow's meeting between Angela Merkel and the Greek Prime Minister as to what the near-term catalysts for Greece will be.
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Methinks ECB likes a weaker euro...
trichet bs..the imf is in there already. Austerity measures are right out of the IMF playbook
hope you hedgies took my advice on this for the last two weeks
We can't have the one world alliance just yet. The NY banking cartel has only confiscated a fraction of the assets that it intends to.
Actually the (non-members like the Vampire Squid Gioldman Sachs) banksters AND the member/owners of the Federal Reserve (Rothschild, Rockefellers, Schroder, Lazard, JP Morgans, Warburgs, etc) are right now in a power struggle to grab everything they can while stealing, er um i mean buying everything they can. This is the same old story as history repeats itself.
History repeats itself? Name me one period in history when a small group of rich men successfully controlled the entire world for any length of time? One? It never happened. Oh, they may try but the world is too complex and there are too many competing interests and too much mutual animosity between groups of people. If the Nazi's had won WWII and taken over the world, they would have held on to it for about six months before they were overwhelmed by partisan/resistance movements. Same for the secret, all-powerful group of Rothschilds or whoever that you claim are going to take over our world.
It's never been such a ...globalised world, if ya know what I mean.
1. Roman empire
2. Holy Roman empire
3. Feudal Europe
4. Han dynasty
5. Mongol empire
Shall I go on? (and don't nitpick about "the world" because the small group of men in these empires controlled most of the known world in their time)
The Romans did not take over the world. Augustus wisely determined that they had reached their limits and initiated a policy of no further expansion. From that time on they were concerned with defending their borders. The only further expansion after Augustus was done by Trajan when he defeated the Dacians. Feudal Europe? I think the Muslims gave them some competition. Holy Roman Empire? Please, that was a very small area relatively speaking. I don't know much about Mongol or Han history. However, you have really made my point. Even though those were vast empires, they didn't take over the world and there were enough competing empires/nations to ensure the ultimate collapse of those empires. The theme among the tinfoil-hat crowd is that this "banking cartel" is going to institute a one-world government and currency. History says that ain't gonna happen.
> Feudal Europe? I think the Muslims gave them some competition.
And the various sovereigns often had plenty of competition from their nominal vassals, not to mention each other.
why is the squid squirming higher
The breakdown from current support on the EURUSD should be pretty exciting.
Beware the Ides of March ;)
"ECB Says IMF Aid For Greece Is Inappropriate"
What a great headline. When did "Inappropriate" stop the powers-that-be (or any determined individual, group or nation) from doing anything? I mean really, can anyone name the last time a determined thief or con man was stopped cold in his or her tracks because of the (in)appropriateness of their actions? I thought so.
Ostensibly, this is the role of the traffic cops and regulators. We have since learned otherwise but I can still dream, can't I?
If the ECB has the power to impose moral hazard induced socialism by creating Euros to buy Greek notes, I gather the ECB can trigger that will.
Jean Claude Triche might want to re-check the policitical impact for such a move, considering the Germans would blow a schnitzel if the Greeks were bailed out in wholesale fashion.
My guess is that Triche is more bark than bite, as his days are numbered anyway.
> The turf war to (not) bail out Greece is on.
Welcome to the absurdist Mexican standoff. The guy in the corner is threatening to shoot himself. The guy to his left is threatening not to shoot him.
Or if IMF already said no we can't then ECB says we don't need you.
As an aside, a Greek MEP asked the Commission to investigate whether "IMF assistance" to a Eurozone member is legal under EC law...
If you take money from the IMF shoot them right after they hand you the check. When the CIA comes to enforce on you. Keep shooting.
I agree with the ECB.
Watching JCT, the IMF and Merkel with Greece. Its like watching 3 bald men arguing over a comb.
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